Wells Fargo Mortgage Loan Modification & The Obama Federal Program
Wells Fargo is one of the companies that has recently come on board with the Obama federal loan modification program, as they have instituted their own regulations for customers who need that kind of assistance.
The Obama program has been implemented by many of the banks, since they need the help as much as home owners do. So what is this plan all about and how does the Wells Fargo plan mesh with what the government has laid out? For consumers like yourself, it is important to know that the things work together in a way, which can enable you to improve your home loan situation tremendously.
Aurora Lillo Editor of the “Best Loan Modification Companies” website — http://www.BestLoanModificationCompanies.com — pointed out;
“…The Obama federal program promised help to those lenders that would work hard to cut rates and re-structure loans for people who are in desperate need. The government’s primary assumption was that if people could make the monthly payments on their homes, they would do that in order to avoid foreclosure. This is important for the overall economy, as the entire system has been pretty much shut down the fact that no one can afford their home loans anymore. This is why opportunities exist for consumers in need, but it is truly up to those people to take advantage of these things…”
Wells Fargo’s loan modification program works hard to bring a person’s monthly payment to the government required level of 37% or less. This is one lender that is actually working to bring it well below that if they can, especially for those customers who have run into some big time financial trouble. When Wells Fargo restructures a loan or cuts down on rates so that the payment amount is 37%, the government is willing to kick in some funding to help bring that down to 31% of a person’s gross monthly income. The government and the lenders both know that if people are having to pay close to half of what they earn to their lender, chances are good that they will default at some point.
“…If you find that your loan has reached the point where it costs more than 37% of what you make in a month, then you can use the government’s help and the lender’s willingness to work with you to bring it down to more reasonable levels. This is especially true for anyone who has faced financial hardship over the last few months…” added A. Lillo.
Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com